Building a new house is an exciting milestone in one’s life, but it can also be rather stressful. A self-build mortgage is different from a regular mortgage in several key ways, primarily because it is designed to finance the construction of a new home rather than the purchase of an existing property. Here are the main differences between a self-build mortgage and a regular mortgage:
Getting a quote is the first step, as one of our expert award-winning advisors will contact you and guide you all the way. You can also download our Guide below which will help you familiarize yourself with the whole process and valuable tips.
Educating yourself about these concepts empowers you to make informed decisions and negotiate favourable terms with lenders.Â
For your first mortgage, you will require a minimum of a 10% deposit. You may be eligible for the HTB incentive of up to €30,000.
You will require 6 months of pay-slips and bank statements to apply for your Mortgage online.
Once your lender has approved your loan, you get an AIP (Approval In Principle) and you can make an offer on your new home.
Get instant access to a complete GUIDE that will save you the hassle and prepare you for a mortgage, providing a convenient checklist of essential documents and step-by-step instructions to help you secure your dream home. Don’t wait, download now!
Your dedicated award-winning mortgage advisor will guide you through your application.
Log in to your digital application portal and upload all documents required. You can even sign digitally to make the process even easier and hassle-free.
Check your application’s status at your convenience. Indicative Approval in 72 hours after assessment.
Watch how seamless and straight-forward Applying for your first mortgage is. In under 10 minutes you can complete your application. All with guided assistance from your very own dedicated Mortgage advisor.
The most common maximum borrowing amount is 3.5x your annual gross salary (Some exceptions may apply). This is based on a single income application. If it is a dual application it is 3.5x both annual salaries combined.
Before you apply for your Mortgage, you are required to have 10% of the loan value of the property.
For example, If you require a Mortgage of €200,000 – You would require a deposit of €20,000.
With a fixed rate mortgage, your interest rate and monthly repayments are fixed for a set time as agreed between you and the lender.
This is a percentage figure which represents the difference between your mortgage loan and the value of your property. For example if your mortgage is €100,000 on a property valued at €200,000, your LTV rate would be 50%.
LTI is your Loan to Income rate, generally you are allowed to borrow 3.5x your annual income before tax. Some exceptions may apply.
Variable rates allow you to increase your re-payments, you can also use a lump sum to pay off all or part of your mortgage, or re-mortgage without having to pay any fixed rate breaking fees. However, variable rates can rise and fall meaning your mortgage repayments can go up or down during your Mortgage term.
This is the amount you owe excluding costs and interest. This is also known as the “Principal” of your loan.
This is when you are given an indication of approval from our first discussion with you, without having to see any documentation. This is not guaranteed approval.
The date the mortgage must be repaid in full, or by which a new agreement needs to be taken out.
Warning: You may lose your home if you do not keep your repayments.
Warning: The cost of your monthly repayments may increase.Â
Warning: You may have to pay charges if you pay off a fixed-rate loan early.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, limiting your ability to access credit in the future.Â
Warning: The entire amount you have borrowed will still be outstanding at the end of the interest-only period. The lender may adjust the payment rates on this housing loan from time to time. (Applies to variable-rate loans only).
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